I would be able to delete shared library, if only one shared library is present. Using the scrip below.
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cellName = AdminControl.getCell()
node = AdminConfig.getid("/Cell:" + cellName + "/Node:Nodename/")
lb = AdminConfig.list('Library', node)
AdminConfig.remove(lb)
AdminConfig.save()
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I have more than one shared libraries, i have to delete specific shared libraries.